After years of delays, the SEC has just voted to enact a potentially game-changing provision of the Dodd-Frank Act on CEO compensation, and corporate America is fighting like mad to stop it.
The new provision requires corporations to report just how overpaid their CEOs are -- how much they make compared to the median worker. Corporate actors are shocked because the rule is surprisingly strong -- it doesn't allow many of the usual gimmicks that corporations use to skew data, and will put in glaring relief which bosses are most overpaid, and which workers are getting stiffed. This new legislation could set off a revolution at Walmart and other companies that are getting rich off of underpaid staff.
The US Chamber of Commerce and other big business organizations are frightened, and are fighting back, pressuing the SEC to change its mind during a sixty-day comment period going on now. Sign our petition to the SEC today to ensure that your voice is heard, and the SEC makes the right call on corporate disclosure.
Tell the SEC to resist corporate pressure and get corporations to publish information on their CEO pay!
This data is valuable for investors, as it helps them determine which companies are overloaded at the top. The new disclosure will create downward pressure in the industry by rewarding companies with more reasonable salary hierarchies. It will also get workers talking, and put overpaid executives in the spotlight. This could be a game-changer for out-of-control inequality. Help us ensure that the provision stays in place, to stop the wild greed at the top of the largest companies in the US.
TruthOut: Federal Regulators Finally "Mind the Gap"), 22 September, 2013